Downtown Miami condo has 38 percent of units under contract
In another sign of downtown Miami’s growing popularity, the Natiivo condo is seeing a spurt of reservations and contracts. And construction has yet to begin.
More than 60% — 245 — of the 412 units are reserved, with almost 40% of those — 160 — converted to contract in the past 30 says, according to Alicia Lamadrid Paysse. Her firm, Cervera Real Estate, is handling sales, which opened in June.
Plans for the 51-story tower at 159 NE Sixth St. also include a hotel with 192 rooms.
“Downtown is going through a Renaissance,” Lamadrid Paysse said.
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Condo units range from a 420-square-foot studio listed at $360,000 up to a 2,200-square-foot four-bedroom, three-and-a-half bath at $1.2 million. Amenities include co-working lounges, conference rooms, yoga lounge, pool with cabanas, steam room and sauna, spa, gym and game lounge.
Airbnb is no longer a partner in the Natiivo Miami project, according to a comment from Harvey Hernandez, the co-founder and manager of NGD Homesharing, LLC. Airbnb sued NGD Homesharing, LLC in January after investing $11 million in the condominium project in 2018 to pull out of the partnership. Now, Airbnb and NGD are in litigation.
Airbnb declined to comment.
Buyers are attracted to the project given its proximity to surrounding amenities, Paysse
said. Brightline, the American Airlines Arena, Bayside, PortMiami and museums are minutes away from the building.
Most buyers are second-home owners or seasonal dwellers. Many are business professionals or entrepreneurs from South Florida, New Jersey, Virginia and Latin America.
Construction is expected to start in the second quarter of 2020 and be completed by fall 2022.
Downtown got several new condominium and apartment buildings in the last few years, including Paramount Miami Worldcenter and X Miami. More projects, besides Natiivo, are in the pipeline for the area, including Society Biscayne and Legacy Hotel & Residences.
The Downtown Development Authority is filling vacancies in the neighborhood with services catering to the growing residential population, said DDA Deputy Director Christina Crespi in December. Greater Downtown — including Brickell, the Central Business District and Arts & Entertainment — had 92,000 residents in 2019. It is expected to have 110,000 residents in 2021.
A previous version of this story said Airbnb was still a partner with Newgard Development Group on its Natiivo project. Airbnb did not partner with Newgard Development Group. It partnered with NGD Homesharing, LLC and is trying to exit the partnership.
